SEC introduces two new offices to deal with crypto tax

The US Securities and Exchange Commission (SEC) has announced it will add the Office of Crypto Assets and an Office of Industrial Applications and Services.

This comes as part of the regulator’s ambition to help and track cryptocurrency tax filings, which are taking place for the first time in the US and are expected to slow down the process.

Now, SEC is adding the Office of Crypto Assets and an Office of Industrial Applications and Services, which as their names suggest will be entirely focused on dealing with cryptocurrency assets.

Division of Corporation Finance director Renee Jones explained why this was necessary. “The creation of these new offices will enable the DRP [Disclosure Review Program] to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and facilitate our ability to meet our mission”, she said.

The Office of Crypto Assets will assist the DRP by assuming full responsibility for reviewing crypto filings, untying the department’s hands to address unique and evolving filing issues once again related to cryptocurrencies.

Taxation of cryptocurrency assets is now becoming a reality, after years of wasted opportunity to create meaningful frameworks.

Even cryptocurrency deniers today urge governments to act quickly and ensure that retail consumers, investors and cryptocurrency businesses are held accountable for their crypto tax dues.

Around the world, this is already becoming a reality. The Financial Services Agency in Japan proposed a similar move and is now insisting that investors should pay tax on their cryptocurrency holdings.

An Argentinian province is already accepting tax payments in crypto, albeit an important distinction here is that the province means anything owed to the government can now be paid for in cryptocurrencies.

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Updated: 09/12/2022 — 16:00